Transactions on the Nigerian Stock Exchange (NSE) maintained negative slide for the second trading day of the month with investors’ net worth dropping by N94 billion.
Consequently, the market capitalisation dropped to N12 trillion mark, having lost N94 billion to close at N12.956 trillion compared with N13.050 trillion recorded on Monday.
In the same vein, the All-Share Index which opened at 29,614.61 shed 219.47 points or 0.74 per cent to close at 29,395.14 due to profit taking.
The News Agency of Nigeria (NAN) reports that the Year-to-Date losses increased to 6.48 per cent.
The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are, Nestle Nigeria, International Breweries, Dangote Cement, Dangote Sugar Refinery and Guaranty Trust Bank.
“We expect a mixed performance this week as investors take caution in selecting stocks ahead of H1,2019 earnings releases, ” analysts at Afrinvest Limited stated.
Analysts at Cordros Capital Limited also noted: “Our outlook for equities in the short to medium term remains conservative, amidst absence of a positive catalyst.”
An analysis of the price movement table shows that Nestle recorded the highest loss, shedding N45 to close at N1,345 per share.
International Breweries trailed with a loss of N1.25 to close at N17.05, while Dangote Cement dipped N1.10 to close at N179.90 per share.
Dangote Sugar lost 65k to close at N10.70, while Guaranty Trust Bank dropped by 60k to close at N30 per share.
Conversely, Cement Company of Northern Nigeria led the gainers’ table, appreciating by N1.05 to close at N14 per share.
Nigerian Breweries followed with a gain of 50k to close at N60.50, while Ecobank Transnational Incorporated garnered 30k to close at N10.30 per share.
Cadbury added 20k to close at N10.70, while Lafarge Africa gained 20k to close at N12.50 per share.
Guaranty Trust Bank was investors delight emerging as the most traded equity, accounting for 24.43 million shares worth N742.15 million.
United Bank for Africa followed with an account of 23.35 million shares valued at N144.92 million, while Lafarge Africa sold a total of 22.73 million shares worth N284.16 million.
Zenith Bank Plc traded 22.34 million shares valued at N436.88 million, while FBN Holdings sold a total of 18.52 million shares worth N120.30 million.
In all, a total of 200.69 million shares valued at N2.89 billion were traded by investors in 4,856 deals.
This was in contrast with a turnover of 107.44 million shares worth N1.14 billion transacted in 3,067 deals on Monday.